I am buying a 2 unit and a 4 unit next to each other from a burned out unknowledgable owner.2 unit about $13000 and 4 unit about $23000 i say about because i am buying them for the back taxes and $6250 each to her.She does not have any applications,no written written agreements and no security deposits but she actually said she picks good tenants,i looked at her and said no you dont and she agreed with me.I know what i am getting into,i think i can have contracts to sell them within a month of purchase. --74.77.xx.xx

Wow, nice pick up. I've acquired units w lower tenants too... I gave them flexible terms to leave and many left earlier than expected... howd you find the deal? Back re taxes search? --174.210.x.xxx

Cheap units in Los Angeles, that we still can't collect rents due to the 3 year pandemic, run from $200,000 to $250,000 per unit. Crazy. --47.149.xxx.x

#22, the lady called me because she needed a sewer clean out and complained to the owners wife who told her to call me,that will get her a $500 referral fee when i close.As part of the deal she is signing over back rents,i tell anyone not paying that if they start paying and cooperate with my agent to show the units to sell it i will forgive what they owe me,if not i will use it to start the eviction immediately,most will cooperate and tell me how the old owner never fixed anything so i tell them i will have my guy there tomorrow tell me what needs fixing,we fix things that a buyer doesnt want to see like wires hanging out of the walls,CO2 detectors,smoke detectors etc,usually after a day or two they say i have done more in 3 days than the former owner did in years and they want me to keep the place and be the owner long term,no chance do i want to keep dealing with them.It will be listed with 14 days of buying it and hopefully have a contract to sell with 2 more weeks --74.77.xx.xx

--199.200.xx.xx

Congrats! You can't even buy a burn out/tear down in my town at those prices. Keep us posted how the process goes: I like these stories! --184.4.xx.xx

That's amazing Ken. Can you tell us what you plan to sell the units for? What a fantastic deal you have made for yourself. Congrats. --73.205.xxx.xx

Low rent means there is insufficient furnds for major repairs and renovations. It is bettr to install a central fire alarm system where if anyone tempers with then trouble light will go off. A single zone system is suffiicient for a small building. Those who are owe then evict asap where more likely there is substance abuse. If possible then separate out all the utilities out as providing utilities with the unknown costs is in the future can be costly. If they ever bring rent control then increases in utilities are passed onto tenants right away. If familiar with Uponor pex then install a sprinkler system which is less costly then black iron pipe. Unlike a fire alarm a fire is put out. --68.69.xxx.xxx

Floridanative- $35000 for the 2 family and $50000 for the 4 unit pretty much as they are,i will have the yards cleaned up and basements cleaned out.Robert,it is already seperate utilities, better condition than i expected,i am in and out of these kinds of houses every day.What it needs is someone with a backbone who can straighten the place out,when i am done one or two will move and the rest will want me keep the places but not happening --74.77.xx.xx

Salute ! --24.183.xxx.xxx

BRAD --73.103.xxx.xxx

A real bonus with separate utilities as those who have unpaid utility bills have unpaid rent as well where immediately are disqualified. Have had great results by shopping at the Habitat for humanity restores where they have miss tint paint, appliances, tools, building supplies at a fraction of the cost of the big box store. New and used light fixtures that work, porcelain tiles can do a bathroom or hallway. Rental properties is someone is able to do things along with being close by in case a toilet is blocked up. Once a rental unit is vacant check all electrical, plumbing, appliances, heating, doors and windows to be sure everything is working where removing traps under sinks then cleaning out will save time in the future. It is like a pre flight check list. A better quality rental unit will attract a better quality tenant who is going to pay rent then care about the rental unit they live in. Having junk in the basement is fire hazard. --68.69.xxx.xxx

--209.205.xxx.xx

That's an excellent deal Ken! Congratulations! I need to move where you are! --40.138.xx.xx

You are a wise investor. --73.120.xx.xx

You not going to keep something that would cash flow ? How much would you need to put into these to make them a class C? --24.101.xxx.xxx